Payment Default: Cases Registered against Chit Fund Firm
Mar 27, 2014
Source : The Times of India


THIRUVANANTHAPURAM: Various police stations in Thiruvananthapuram and Kollam districts have registered cases against a private chit fund firm which allegedly defaulted in repaying maturity amount to investors.

According to officials, Ponnus Chitty Fund based at Paripally in Kollam district defaulted in repayment to hundreds of investors at its main branch and around 30 branch offices. The offices of the firm are remaining closed for the past few days and the main accused, the company managing director, is absconding. The police said the company has over 30 branches of which a good majority are in Thiruvananthapuram and Kollam districts. The managing director of the firm is one Vinod who hails from Paripally.

In the capital, complaints were received at Kattakkada, Neyyattinkara, Aryanad and Nedumangad stations.

The Kattakkada police said around 150 petitions were received and the complainants included some women collection agents.

“Scores of investors at the Aryanad branch are believed to have been duped. However, only three persons preferred police complaints so far,” said Aryanad Sub-Inspector Thanseem Abdul Samad. Neyyattinkara Sub-Inspector P V Vineesh Kumar said 150 cases have been registered at the station.

Investments Backfired

Paripally Police said huge investments made by the firm in the real estate sector apparently backfired for the firm. “We seized several documents of largescale real estate investments from the main office. It is suspected that the firm failed to get sufficient financial returns on their investments in time which led to the crisis,” said Paripally Sub-Inspector T Biju. “The main office had licences to operate 20 chitties. We are probing whether they illegally used the same licence to run chitties at the branch offices,” he said.

It is learnt that the firm has mooted a legal settlement option to the police. Seeking more time to get returns on their investments, the owners of the firm claimed they could provide evidence for proper investment of their funds.The firm has also started running advertisements on local cable TV channels seeking more time to settle the claims.


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